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Fixed income participants will face short-term difficulties using transaction cost analysis
(TCA) for best execution.

Regulators have pushed for best execution to apply to multiple asset classes, including
fixed income, credit, FX and derivatives, in order to accurately measure market conditions
and ensure investment managers are taking “all sufficient steps” to get the best price
for the instrument they are trading.

The rule essentially codifies the fiduciary obligation of any buy-side firm.

Fixed income experts questionuse of TCA for best execution

Bloomberg Trade Repository (BTRL) has become approved by the European Securities
and Markets Authority (ESMA) as a reporting house for derivatives trades.